Decentralised Exchanges (DEX) volume is on the rise, showing the increasing shift in crypto trading. Traders begin to depart from Centralised Exchanges (CEX) to on-chain trading. They choose self custody, enhanced security and lower fees.
DEXs saw a 15.7% quarter-on-quarter increase in spot trading volume, while CEX experienced a 12.2% decline.
The ratio of DEX to CEX trading is at an all time high, indicating changing users habits and preferences. Traders change their habits praising decentralised nature of the crypto in a way even Satoshi Nakamoto himself would definitely appreciate. Or maybe he does.
While Binance and Coinbase - the well established CEXs - are still the names dominating in crypto space, there many new DEXs that are gaining momentum.
Here is a list of top 10 of DEXs right now. Let’s see what are they and what’s so special about them, especially in terms of numbers.
Decentralised Exchanges vs Centralised Exchanges - Key Differences
Let’s start with a brief reminder for those who doesn’t have full clarity here.
A Decentralized Exchange (DEX) is a type of cryptocurrency exchange that operates without a central authority. Instead of relying on a third party to hold funds, trades are conducted directly between users through an automated process, usually using smart contracts.
This system enhances security and privacy since users maintain control over their assets throughout the transaction. DEXs typically support peer-to-peer trading and offer lower fees compared to centralized exchanges. However, they can also have lower liquidity and may be less user-friendly for beginners.
DEXs differ from centralized exchanges (CEXs) in several key ways.
CEXs are managed by a central organisation that controls the platform and holds users’ funds, often requiring users to trust the exchange with their assets. While CEXs typically offer higher liquidity, faster transactions, and a more user-friendly experience, DEXs provide greater autonomy and reduce the risk of hacks or misuse of funds by the exchange.
Top 10 Best Decentralised Exchanges in 2024
Uniswap – Largest DEX in the World of DeFi
Uniswap, created in 2018 by ex-Siemens engineer and built on Ethereum, remains a cornerstone of decentralized finance.
It employs an Automated Market Maker (AMM) model, which replaces traditional order books with liquidity pools.
This model ensures continuous liquidity for traders. Uniswap V3 introduced concentrated liquidity, enabling users to allocate funds more efficiently, optimizing capital usage.
Another great feature here is cross-chain compatibility. Uniswap supports multiple blockchains, including Ethereum, Polygon, Optimism, Arbitrum, Celo, BNB Chain, and Avalanche. Accessibility and user options are almost limitless. You can easily use Uniswap with any of the most popular crypto wallets, like MetaMask or other Ethereum-compatible.
With over $3 billion in daily trading volume and support for multiple chains, it’s a powerhouse for serious DeFi participants.
dYdX – King of Derivatives
dYdX specializes in derivatives trading, offering perpetual contracts with up to 20x leverage.
It operates on Layer 2, reducing gas fees and improving transaction speeds.
The platform has integrated zero-gas trading and advanced order types like limit, stop, and trailing stop orders, catering to sophisticated traders.
And of course, it is impossible not to mention competitive fees, which is particularly advantageous for average traders. Users with monthly trading volumes below $100,000 incur no trading fees.
dYdX supports a wide range of wallets, including some of the most popular options in the market. Let’s just name MetaMask, Coinbase Wallet, Ledger and Trezor.
With over $1 billion in daily trading volume, dYdX stands out for its deep liquidity and institutional-grade trading experience.
PancakeSwap – Largest DEX on Binance Smart Chain
PancakeSwap operates on Binance Smart Chain (BSC), providing low transaction fees and high throughput. It offers a wide range of DeFi services, including yield farming, staking, and Initial Farm Offerings (IFOs).
The platform uses an AMM model and supports BEP-20 tokens.
And it offers truly decentralized trading - users can swap tokens directly from their wallets without creating an account or registering, and that is a really seamless trading experience for those who are concerned about privacy and anonymity.
Funny thing about anonymity here, by the way.
The team behind PancakeSwap (users almost officially call them “the Chefs”) remains anonymous. No one knows who started PancakeSwap, who is developing it now etc. That’s a true crypto way, Satoshi-style, to say the least.
With over $12 billion in total value locked (TVL) and millions of active users, PancakeSwap is a dominant force in the BSC ecosystem, known for its high yields and community-driven approach.
SundaeSwap – Best Choice for Cardano Fans
SundaeSwap is the premier DEX on Cardano, leveraging the blockchain’s unique UTXO model to enhance security and scalability.
It offers liquidity pools for ADA and other Cardano-native assets, using an AMM model.
SundaeSwap’s launch in 2022 marked a significant milestone for the Cardano ecosystem, attracting a substantial user base. With its focus on decentralization and low transaction fees, SundaeSwap is crucial for traders within the Cardano network.
You should have one of those lesser known wallets installed to be able to work with SundaeSwap - Nami Wallet, Flint Wallet, ccVault, Yoroi Wallet.
SunSwap – A Place for TRON Nerds
SunSwap operates within the TRON ecosystem, offering low fees and fast transaction times, thanks to TRON’s high-performance blockchain.
It supports all TRC20 tokens and provides liquidity mining opportunities.
SunSwap's integration with Sun.io adds governance and yield farming features, making it more versatile. With its deep liquidity and expanding user base, SunSwap is the go-to platform for TRON users looking to maximize their returns.
Some of the popular crypto wallets like Bitget Wallet, Ledger, OKX are perfect to cooperate with SunSwap.
Osmosis – If You want a DEX for Cosmos
Osmosis is the leading DEX in the Cosmos ecosystem, facilitating cross-chain swaps through the Inter-Blockchain Communication (IBC) protocol.
It supports over 50 blockchains, providing seamless asset transfers with low fees.
Osmosis also offers customizable liquidity pools, allowing users to create pools with different ratios and fees. You can set own swap fees and reward incentives, providing greater flexibility and control.
With a growing TVL and active community governance, Osmosis is pivotal for cross-chain DeFi activities.
Curve Finance – A Stablecoins Haven
Curve Finance is the leading DEX for stablecoin trading, designed to minimize slippage and impermanent loss.
It employs a unique bonding curve to provide deep liquidity for stablecoins and other pegged assets. Curve’s integration with other DeFi platforms, like Yearn Finance, enhances its yield-generating capabilities.
Curve Finance is known for its extremely low fees. User enjoy a flat trading fee of 0.04%. That is significantly lower than many other DEXs offer.
The list of supported wallets includes well-known «usual suspects» like MetaMask, Trust Wallet, Coinbase Wallet, as well as Ledger and Trezor.
With over $20 billion in TVL, Curve remains a key player in the stablecoin market, offering some of the lowest fees and most efficient trading routes.
Balancer – Automated Crypto Pools
Some people say Balancer is not a crypto exchange, but rather - a DeFi version of a traditional index fund. Well, have you seen a decentralised index fund?
Being unique in this way, Balancer still has a number of other gimmicks.
It allows users to create and manage automated liquidity pools with customizable weights. It supports multi-token pools, enabling users to create diversified portfolios within a single pool.
Balancer’s Smart Order Routing (SOR) system optimizes trades across its pools for better pricing.
With its flexibility and innovative approach, Balancer has secured a significant position in the DeFi space, particularly for those looking to manage complex, multi-asset strategies.
Balancer supports MetaMask and Coinbase Wallet, as well as multiple wallets in WalletConnect.
Raydium – Solana’s Largest DEX
Raydium is a key DEX on Solana, known for its fast and low-cost transactions. It integrates with the Serum order book, providing access to liquidity across the Solana ecosystem.
Raydium offers yield farming and staking options, making it a comprehensive DeFi platform.
With Solana’s growing popularity, Raydium has become a central hub for traders and liquidity providers seeking to capitalize on Solana’s high-performance blockchain.
But there is more.
Raydium's secret sauce is the OpenBook. This clever bit of tech marries Raydium's automated market maker (AMM) with an old-school order book. It's not your garden-variety AMM, mind you.
The real kicker is their Concentrated Liquidity Market Maker (CLMM). It's a mouthful, but here's the gist: liquidity providers can zero in on where the action is. They pick a sweet spot for trades in a pool.
It's a far cry from Uniswap's approach. There, liquidity is spread thin across the board, from zero to infinity. Raydium's method? It's like putting your chips on red instead of covering the whole roulette table.
Jupiter – Another Solana’s DEX Jewel
Jupiter excels in price discovery on Solana, aggregating liquidity from multiple sources to ensure optimal trading rates. It is designed to provide users with the best rates for token swaps by aggregating liquidity from multiple DEXs protocols. A kind of a Swiss army knife.
To achieve this Jupiter supports a wide range of tokens and integrates with various Solana-based DeFi protocols. Jupiter’s advanced routing algorithms help users achieve the best possible prices for their trades.
There are some other clever features.
Take the DCA (Dollar-Cost Averaging). This function allows users to buy a fixed amount of tokens within a set price range over a specified period, with flexible intervals (minutes, hours, days, weeks, or months).
Jupiter itself does not charge transaction fees but has fees for specific features. For instance, there are Limit Order Fees: 0.2% on taker orders. And partners integrating Jupiter Limit Order receive 0.1% referral fees, while Jupiter collects the remaining 0.1% as platform fees. As for DCA, there is a small 0.1% fee upon order completion.
The list of supported wallets is vast. It includes OKX Wallet, Trust Wallet, Phantom, Coinbase Wallet.
As Solana continues to grow, Jupiter’s role in the ecosystem is set to expand, offering traders an indispensable tool for navigating Solana’s dynamic market.